Business

After a tough year, retailers are hoping that they will receive a boost by opening on St. Stephen’s Day. Major shops in the country’s cities will re-open on December 26, after taking just one day off for the Christmas holiday. The decision was taken by most retailers after the success of last year’s experiment. In Dublin, Clery’s, Arnotts, Brown Thomas and Debenhams will all open their doors on St. Stephen’s Day, kicking off their sales a day earlier than tradition. Budget fashion retailer Penneys will also open its main stores in Dundrum, O’Connell Street and Mary Street. Marks & Spencer has bucked the trend and will not reopen until December…

Irish bank shares rallied again on the markets this morning as European shares rose for a sixth session in a row. Today’s morning session marked a 26-month high. Dublin’s ISEQ gained 29 points to stand at 2,860. Allied Irish Bank (AIB) shares were up 6.15pc to trade at 47cent, while Bank of Ireland gained 8.53pc to 42cent. Irish Life & Permanent’s share price continues to increase and was trading at €1.21 at 11:15am today

The eldest son of convicted Ponzi scheme architect Bernie Madoff is reported to have taken his own life today, after he was found hanged in his SoHo apartment in New York. “Mark Madoff took his own life today,” began the statement from his lawyer Martin Flumenbaum today. “This is a terrible and unnecessary tragedy. Mark was an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo.” The tragedy occurs two years to the day after his father was arrested for fraud, and subsequently jailed for 150 years for defrauding investors out of billions. Mark Madoff and other family members…

Credit ratings agency Fitch has said it will take several years before Ireland returns to an A status. It has also downgraded the debt of five of the country’s banks, including AIB and Bank of Ireland. Long-term and short-term issuer default ratings (IDRs) for AIB and Bank of Ireland have been downgraded to BBB from A- and F2 from F1. This move follows yesterday’s downgrade of the Irish sovereign. The guaranteed debt of AIB, Bank of Ireland, Anglo, EBS and Irish Nationwide has also been reduced to BBB+ from A+. All of the bank’s individual ratings were also downgraded because of the new capital requirements announced recently by the Central…

Financial services firm Citi has said it will create 250 new jobs in its Dublin and Waterford operations. The investment comes after Ireland won out a European-wide competition by the company as it tried to choose a location for the new project. The US bank, which has operated in Ireland for 45 years, currently employs 2,200 people in Ireland. Three hundred people have been hired in the past 12 months. The new positions will come on stream next year and span operations, funds, technology and product development and are likely to be filled by third-level graduates. IDA Ireland is supporting the expansion and the bank will get grants for some…

Danone Baby Nutrition is to create 40 new jobs in Cork as part of a €50m investment. The makers of Aptamil and Cow and Gate will expand and redevelop its existing facility in Macroom, Co. Cork. The 40 new jobs will be in the areas of food science, engineering and supply chain management. Building is due to begin in February, 2011. In a statement, Danone said, “Consistent growth of Danone Baby Nutrition’s infant and toddler formulas, such as Aptamil, has resulted in the need to invest to increase capacity.” Almost all the output from the improved Macroom facility will be exported to more than 60 countries. The company already employs…

Investment bankers in London are earning up to 20pc more this year when compared to 2009, says a new survey released today. The survey, conducted by financial services recruitment company Astbury Marsden, found the average basic salary for investment banking staff in London has risen 20pc in the last year. It is thought that companies are trying to offset the curbing of bonuses with higher year-round salaries. Pressure continues to mount on firms to stop paying high end-of-year bonuses. Back, middle and front level staff will earn about Ł97,500 this year, up from Ł81,250 last year. Many top performers will also receive mega bonus payments, despite the continued criticism from…

US telecommunications company Genband has said it will create 100 jobs in its new international headquarters in Galway. The company, which develops IP infrastructure, plans to establish its international HQ and business services centre in Galway, representing an €8m investment. The jobs will be in finance, supply chain management, customer support, software development, HR, legal and administrative activities. Charlie Vogt, CEO and president of Genband said, “The establishment of our international headquarters operation in Ireland represents a critical component of Genband’s continued global strategy and growth. “Ireland’s breadth of high-quality, skilled human resources made Galway an ideal setting for our expansion, particularly when combined with the region’s competitive cost structure…

Shares in Allied Irish Bank and Bank of Ireland continue to nosedive as more details emerge about their need for even further capitalisation. Bank of Ireland shares fell 33pc yesterday but recovered some ground and are now trading up over 7pc to 29cent. AIB shares fell 22pc yesterday but finished trading slightly higher. Shares in the soon-to-be-nationalised bank are now trading at 34cent a share. Bank of Ireland are set to get its third injection of State bailout money as it becomes clear it needs further capital to reach international standards of capital levels. The Government ownership of the bank will be somewhere between 65 and 80pc following the capital…

Following the confirmation of an EU/IMF rescue plan, it is understood that AIB will be almost fully State owned and Bank of Ireland will be nationalised. The EU/IMF €85bn facility will most likely be used to recapitalise the Irish banks, boosting their capital levels from eight to 12pc. By raising the amount of funds held in reserves, it is hoped investor confidence will be bolstered as it will cushion any loan losses. It is understood the Government will take a 99.9pc stake in Allied Irish Bank. The 0.1pc remaining will be left on the stock exchange. Authorities realised the bank needs extra funds but is reluctant to fully-nationalise it. The…